Watani Iron Steel Co. (Watani Steel) reported a net profit after Zakat and tax of SAR 47.1 million in 2021, a 51% increase, compared to SAR 31.1 million in the year-earlier period.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 459.41 | 622.89 | 35.6 % |
| Gross Income | 56.40 | 68.42 | 21.3 % |
| Operating Income | 40.80 | 54.12 | 32.6 % |
| Net Income | 31.08 | 47.06 | 51.4 % |
| Average Shares | 181.65 | 181.65 | - |
| EPS (Riyals) | 0.17 | 0.26 | 51.4 % |
The growth in earnings was driven by higher sales and a decrease in financing costs due to partial repayment of loans. However, the average cost of production and Zakat expenses reported an increase.
Shareholders’ equity, excluding minority interest, reached SAR 187.2 million for 2021, compared to SAR 140.3 million a year earlier.
The 2021 results came in line with its plans and strategies that aim to adapt to the current situation amid the COVID-19 pandemic, in addition to rationalizing expenses and raising operational efficiency.
Watani Iron Steel also efficiently and effectively managed the risks of the pandemic and its impact on its operations despite the current economic conditions.
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